Guangzhou Automobile Group (SHA:601238, HKG:2238) dismissed rumors that its new luxury EV unit, Huawang Auto, plans to acquire Evergrande NEV's (HKG:0708) non-operational Nansha factory, YiCai Global reported Thursday.
The automobile maker said neither it nor Huawang Auto has engaged with Evergrande NEV regarding the plant, according to the report.
Instead, Huawang Auto will prioritize GAC's existing production capacity, YiCai Global wrote.
Evergrande NEV has been unable to secure a buyer or strategic investor for its factory, according to the report.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.